PNGS Gargi Fashion Jewellery Ltd — Q4 FY26

PNGS Gargi Fashion Jewellery Ltd Q4 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=RYoX5EtOeXU Published: 7 days ago

0:01 1 second Ladies and gentlemen, good day and welcome to the Q4 and FI26 conference call hosted by PNGs Kagi Fashion Jewelry 0:10 10 seconds Limited. As a reminder, all participant lines will be in the listenon mode and there will be the opportunity for you to ask questions after the presentation concludes. 0:20 20 seconds Should you need assistance during the conference call, please signal an operator by pressing start then zero on your touchstone phone. I now hand the 0:28 28 seconds conference over to Mr. Romar Savin from Stellar IR. Thank you and over to you Mr. Savant. 0:36 36 seconds Uh thank you Ruja. Uh good afternoon everyone. I Omar Sant on behalf of Stellar Investor relations welcome you 0:43 43 seconds all to a PNGs Gagi Passion Jewelry Limited's Q4 and FI26 earnings conference call. We shall be sharing the 0:52 52 seconds key operating and financial highlights for fourth quarter and full year ended March 31st 2026. Uh today we have with 1:02 1 minute, 2 seconds us uh the senior management team of PNGs Gari Fashion Jewelry Limited, Mr. Amit Modok uh non-executive director and Mr. 1:11 1 minute, 11 seconds Adita Moduk co-founder and director. 1:14 1 minute, 14 seconds Before we begin, I would like to state that this call may contain some of the forward-looking statements which are completely based on company's beliefs, opinion and expectations as of today. 1:25 1 minute, 25 seconds The statements made in today's call are not a guarantee of future performance and also involve enforcing risk and 1:32 1 minute, 32 seconds uncertainties. The company also undertakes no obligation to update any forward-looking statements to reflect development that occur after the 1:40 1 minute, 40 seconds statement is made. documents uh related to uh relating to company's financial performance. Uh also has been uploaded on stock exchange and company website. 1:51 1 minute, 51 seconds Also the investor presentation is been uploaded is getting uploaded. Uh because of some technical uh reasons it got 1:58 1 minute, 58 seconds delayed but it will be uploaded soon. Uh I now invite Mr. Adita Modak to share his initial remark on the company's uh 2:07 2 minutes, 7 seconds performance for fourth quarter and full year ended March 31, 2026. Thank you and over to you sir. 2:17 2 minutes, 17 seconds Uh thank you. Uh hello everyone. Uh thank you all for joining this call for our Q4 and full year ended on 31st March 2:26 2 minutes, 26 seconds 2026. Our Q4 and FY26 results were announced today and we are here to explain those and other updates happening around the company and the 2:35 2 minutes, 35 seconds updates around the industry that we are observing. Talking about quarter 4 continuing with the growth momentum that we had uh the revenue from the 2:44 2 minutes, 44 seconds operations grew at a pace of 30 41% YI for Q4 and our operating profits for Q4 2:51 2 minutes, 51 seconds FY26 has grown by almost 54% with the operating margin of 46%. Our 2:58 2 minutes, 58 seconds net profit stood 5.14 cr in this quarter growing by 25.88% 88% YI 3:06 3 minutes, 6 seconds [clears throat] uh with the net profit margin of 7141%. 3:10 3 minutes, 10 seconds Due to accelerated retail expansion, strategic uh geographical expansion uh and the product portfolio that we have 3:18 3 minutes, 18 seconds integrated omni channel ecosystem and enhancing brand equity the consumer engagement this what got resulted into 3:25 3 minutes, 25 seconds this our revenue from operations for the whole year uh when we are talking about the whole year uh stood at 149.40 40 cr 3:32 3 minutes, 32 seconds will grew by almost 48% yi adjusting to the onetime exceptional sale that was included in last year's top line 3:39 3 minutes, 39 seconds amounting to 25.74 cr due to change in operational method from foco to fo in s location even without the adjustment our 3:48 3 minutes, 48 seconds top line grew by almost 20% while fi 26 our operating profit for fi 26 has grown by almost 27% 3:56 3 minutes, 56 seconds uh and the operating operating margins of 42.92 working uh is What we have achieved a strong focus on cost 4:04 4 minutes, 4 seconds discipline, operational efficiency has enabled us to maintain robust margin supported by disciplined cost structure and highly scalable business model that 4:13 4 minutes, 13 seconds is well positioned to drive sustainable growth. Since inception the company has delivered consistent profitability reporting profits every quarter as we 4:22 4 minutes, 22 seconds have liquid balance of almost 70 book I'm sorry to interrupt you sir we are 4:31 4 minutes, 31 seconds unable to hear you clearly your voice is breaking in between can I please check now is it okay? 4:39 4 minutes, 39 seconds Yes please go ahead. Yeah. So as of date we have liquid balance of almost 78 cr with zero debt on the books reflecting 4:46 4 minutes, 46 seconds prudent capital allocation and strong financial discipline that we have. 4:50 4 minutes, 50 seconds Additionally the company's asset business model enhances capital efficiency enabling scalable growth with minimal asset base while consistently 4:59 4 minutes, 59 seconds delivering superior returns on invested capital. As of FY26, our retail network expanded to 126 uh touch points 5:08 5 minutes, 8 seconds comprising of 38 exclusive brand outlets which were zero in FY2. 34 shopping with 5:16 5 minutes, 16 seconds PNGs grown by almost 17% compared to 29 in FY22 and 54 SS formats with Shopoft 5:24 5 minutes, 24 seconds and other third party partners compared to zero in FY 22. We continue to strengthen our pan India presence 5:33 5 minutes, 33 seconds through a multi- format strategy comprising of popular expansion as talent channels and strategic retail 5:40 5 minutes, 40 seconds partners. This position this positions us as a fast growing and profitable and capital efficient player underpinned by 5:48 5 minutes, 48 seconds strong unit economic and disciplined growth approach. During FY 26, we expanded our retail footprint by adding 5:56 5 minutes, 56 seconds 32 new locations, including 18 stores additions in Q4 alone. This took the total point of sale count to 126 as on 6:04 6 minutes, 4 seconds March 31st, 2020 2022, further strengthening the pan India presence across 58 cities and 19 states. Building 6:12 6 minutes, 12 seconds on this momentum, we remain focused on expansion strategy and we are targeting additional at least 20 new stores in 6:19 6 minutes, 19 seconds FY27, further strengthening our market presence and supporting long-term growth. With this, we continue to maintain our uh revenue growth guidance 6:27 6 minutes, 27 seconds shared in previous quarter targeting a CG of approximately 35% over the next few years. This growth is expected to be 6:36 6 minutes, 36 seconds driven by strong uh triple SG uh continued retail expansion and supportive industry tailwind including doubledigit market growth and 6:45 6 minutes, 45 seconds significant underpenetration of organized segment which together present the substantial long-term growth opportunities despite strong growth and 6:52 6 minutes, 52 seconds expansion. We have maintained 100% store retention rate for reviewers and SIS uh with PNGSL since inception reflecting a 7:01 7 minutes, 1 second disciplined approach to site selection, strong execution capabilities and consistent store level oper operating performances. 7:09 7 minutes, 9 seconds Consumer preferences are increasingly shifting towards innovation, lightweight and personalized jewelry that blends traditional craftsmanship with 7:17 7 minutes, 17 seconds contemporary designs particularly amongst the millennials and Gen Z who continue to drive the demand for versatile everyday everyday wear which 7:26 7 minutes, 26 seconds is served by. We believe that the company is well positioned to capitalize on the opportunity backed by trusted 193 7:33 7 minutes, 33 seconds plus years legacy of PGA sons which provide strong brand equity, creditability and a structural comp uh competitive advantage that is difficult to for the emerging brands to replicate. 7:45 7 minutes, 45 seconds Our commitment to craftsmanship and product excellence remains central to our value proposition with products crafted using 925 sterling silver. 7:52 7 minutes, 52 seconds Silver silver idea certified natural diamond is reflecting our uncompromising focus on quality authenticity and 8:00 8 minutes consistency. As we continue to expand our retail footprint, profitability and capital discipline remains equally important. We have consistently 8:09 8 minutes, 9 seconds delivered pat margins over 20% among among the best in the industry while maintaining debt free balance sheet and fund fund growth entirely through 8:18 8 minutes, 18 seconds internal ac funding growth entirely through internal acral supported by strong cash position and healthy liquidity. We have the financial 8:25 8 minutes, 25 seconds flexibility to expand at least 25 additional years without debt or equity dilation. Our post our focus remains on 8:33 8 minutes, 33 seconds building profitable stores through disciplined and sustainable growth strategy with a long-term value creation at the core of every decision. With 8:40 8 minutes, 40 seconds that, I conclude the summary and would like to uh take your question. Thanks. 8:47 8 minutes, 47 seconds Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on the touchstone 8:55 8 minutes, 55 seconds telephone. If you wish to remove yourself from the question queue, you may press star and two. 9:02 9 minutes, 2 seconds Participants are requested to use answers while asking a question. 9:07 9 minutes, 7 seconds Ladies and gentlemen, we will read for a moment while the question cue assembles. 9:19 9 minutes, 19 seconds I think we should start because there is a limitation of time. So there are three problems. So we will start with them. 9:26 9 minutes, 26 seconds Yes sir. The first question is from the line of Ankit Gupta from Bamboo Capital. Please go ahead. 9:33 9 minutes, 33 seconds Yeah. Um thank you for the opportunity and uh congratulations for a good set of of numbers. So on uh you know uh if you 9:41 9 minutes, 41 seconds can talk about our endeavor of 35% growth that we are targeting next year. 9:46 9 minutes, 46 seconds So how should we look at the three uh uh three major uh you know major uh segment that we have you know in-house uh stores 9:55 9 minutes, 55 seconds of our parent company uh then uh EVOs and uh uh you know shopping stores of uh 10:02 10 minutes, 2 seconds of shopper stop. So uh if you can talk about how should we look at the growth in each of these segment and uh uh for 10:10 10 minutes, 10 seconds the next year for for fi 27 and fi 28 like 35% growth how will we drive how will each of the segment drive the 10:17 10 minutes, 17 seconds growth for us there is a uh I am Amit Mor speaking now has delivered you the start pitch and 10:26 10 minutes, 26 seconds the outlook of the company for the past and what it has uh performed in FI26. 6 10:34 10 minutes, 34 seconds uh your question regarding the how we can achieve that 35% growth. So there is a market shift is happening from an 10:43 10 minutes, 43 seconds organized to organized that is giving the major uh growth potential. Secondly the SIS which are with PNG and Sun are 10:52 10 minutes, 52 seconds performing well and uh their SSG is almost uh around 30 32%. 10:59 10 minutes, 59 seconds And these new EVOs which we have established just now there those 32 added during the year out of that 18 11:06 11 minutes, 6 seconds added in last quarter of the current year. So those will be contributing uh for the full year in uh coming that FY27 11:14 11 minutes, 14 seconds full year. So their contribution will come and generally these uh uh EBOs or the new uh outlets which we set up if 11:23 11 minutes, 23 seconds those are outside Maharashtra they start contributing uh substantially within uh 8 to 12 months if out of Maharashtra 11:31 11 minutes, 31 seconds within Maharashtra they start contributing within four to 6 months time and that is what we are experiencing right now and I'm very 11:39 11 minutes, 39 seconds happy to say out of 126 now 67 touch point of the outlets are in Maharashtra and remaining uh almost uh equal number 11:48 11 minutes, 48 seconds near to equal number outside the Maharashtra. So now it's not a state ccentric it has it is becoming a pan India in a real sense. Sure that's good. 11:59 11 minutes, 59 seconds Okay let's say you know FI 27 we have 26 we have ended around 150 crores and in FI28 you know given our guidance of 12:07 12 minutes, 7 seconds around 35% CA year. So let's assume we end somewhere around 270 280. So how do you see the break up of the three 12:14 12 minutes, 14 seconds segments like how much will ebo contribute in this? How much will uh uh you know shop or parent companies store 12:23 12 minutes, 23 seconds you know contribute in this and how much will shopper stock contribute in this uh first of all that 35% uh growth for 12:31 12 minutes, 31 seconds FI27 from 149 cr will make around 190 K rupees top line uh with that 35%. 12:41 12 minutes, 41 seconds So FYI 28 is a uh 24 months down the line from today. So uh by that time it should be around 260CR. 12:51 12 minutes, 51 seconds uh the main uh our aim is to keep lesser dependency on the SI store of the PN garrison and that we are 13:00 13 minutes achieving step by step this uh by this time we have achieved it to the level of almost 20 to 78% 78% is coming from uh 13:10 13 minutes, 10 seconds SI 22% is coming from other now all these others other which I am mentioning those are the EO or the touch points 13:19 13 minutes, 19 seconds mainly other than the PNG sons and which are established mainly in last 24 months or the 18 months uh period time. So they 13:28 13 minutes, 28 seconds will start now contributing at a reasonably higher level and if we take uh as a 22% of the current uh top line 13:37 13 minutes, 37 seconds that is of 150 cr say around so almost 35 crime was not 23 for the whole company. So the 13:46 13 minutes, 46 seconds the uh contribution even though it is looked at 22 to 23% of the total this uh that total top line itself is growing. 13:57 13 minutes, 57 seconds So the amount abstract amount is also growing very sharply and swiftly and we expect that uh dependence on the SIS of 14:06 14 minutes, 6 seconds the PN Gardens fund uh should come down around 65% by 28. 14:12 14 minutes, 12 seconds Okay. Okay. Okay. uh you know in this uh the the new uh showroom that we are 14:18 14 minutes, 18 seconds planning to open like 20 25% in 2025 stores in FI 20. 14:25 14 minutes, 25 seconds So yeah so how many of them will be opened in in Maharashtra? How many outside of Maharashtra and how many of 14:33 14 minutes, 33 seconds them will be our own stores and how many will be franchise? 14:38 14 minutes, 38 seconds as on 31st March 24 Maharashtra was 47 and now it is 67. 14:45 14 minutes, 45 seconds So that growth is flowing within Maharashtra and uh it is at a higher speed outside Maharashtra. 14:53 14 minutes, 53 seconds So Maharashtra is still there which is untapped even if I think of the Pune I can easily accommodate at least 8 to 10 15:01 15 minutes, 1 second additional EOS within Pune itself. right now in PCMC area like we have gone into 15:08 15 minutes, 8 seconds Pimp Saag then to the Baner then to the Rais and uh Pimp area. So in that 15:17 15 minutes, 17 seconds proximity we have got accommodation of almost four six stores. Now at the Nagar 15:25 15 minutes, 25 seconds road side also which is at the Vimmanagar side there we have established around four stores. So uh there is a still scope within Pune or 15:33 15 minutes, 33 seconds around Pune or the main cities of the Maharashtra like Nagpur, Narik, Solapur, Aurangabad these kind of the cities. So 15:41 15 minutes, 41 seconds there is a scope within Maharashtra but we will see that it will be getting equally distributed within Maharashtra and outside Maharashtra. Moreover, I'm 15:49 15 minutes, 49 seconds concerned where I can make money that is my first choice. If I am finding more locations suitable to immediately start 15:57 15 minutes, 57 seconds within Maharashtra, I will prefer that also. I will not stick to my what I am right now saying 50% 50% it may be 80% 16:05 16 minutes, 5 seconds 20%. Because ultimately what our aim is our aim is to create a top line and bottom line and to achieve that and to 16:13 16 minutes, 13 seconds create a wealth for our investor we need to concentrate on the effective growth that is giving the effective topline growth and effective bottom line growth. 16:22 16 minutes, 22 seconds Okay. Okay. And uh how many franchises are we planning to open or it will be largely coco? 16:28 16 minutes, 28 seconds Uh almost right now we are going with the coco. Very rarely we are giving to the third party franchise because we are very keen that once we open the store it 16:37 16 minutes, 37 seconds should not get closed. So if uh I go with the uh third party franchisee on the foco basis uh model then if uh that 16:47 16 minutes, 47 seconds third party franchise it goes back back outs then it will be a forceful expansion for me. So I am avoiding that 16:55 16 minutes, 55 seconds and I'm trying to uh create more and more coord Thank you M. 17:04 17 minutes, 4 seconds Thank you. 17:07 17 minutes, 7 seconds Thank you. The next question is from the line of Taher Hyderabad Walla from Grois Fund. Please go ahead. 17:15 17 minutes, 15 seconds Uh hi sir. Thank you for the opportunity and commentates on the good set of numbers. Sir, I have uh question 17:22 17 minutes, 22 seconds regarding uh when we uh plan to expand our when you say 20 stores per perom 17:28 17 minutes, 28 seconds expand. So uh where do we see most of the stores coming in from? Like majority of EOS you can break down into three 17:36 17 minutes, 36 seconds parts. Ebo uh shop and shop and franchise would be great to understand in that manner. 17:45 17 minutes, 45 seconds So uh shopper stop at initial stage the uh growth was fast because we were uh 17:52 17 minutes, 52 seconds getting more and more accommodated in their uh good working stores or the high 17:58 17 minutes, 58 seconds footfall stores. Now as they grow and they expand we are going with them just like anchor 18:07 18 minutes, 7 seconds in the malls same way we are going with them in their every new store and they are accommodating us. Uh secondly, SIS 18:16 18 minutes, 16 seconds with PNG Wilson has got limitation because uh unless they set up their own store uh we cannot have SIS with them. 18:24 18 minutes, 24 seconds So it depends on their expansion. It's a passive expansion and the cocoa kind of the stores which we will be expanding 18:32 18 minutes, 32 seconds those will be mainly in north part of the India uh because that is our strategy but that doesn't limit us from expanding in the south. Right now 18:42 18 minutes, 42 seconds recently we have started at Hyderabad and uh selecting for the Chennai and Bangalore also but in Bangalore or 18:50 18 minutes, 50 seconds Chennai we are there present with the shopper shop but not on the exclusive basis but shortly we will be planning to go in the south also. 19:00 19 minutes Okay. Okay. And sir one question on the group arrangement uh like when we operate in the uh uh with uh our parent 19:11 19 minutes, 11 seconds company PN Padgill and friends. So we also operate with them in franchise model right. So what are the problems 19:19 19 minutes, 19 seconds there? So uh is there any revenue sharing or we get any we pay rent to them for SIS model or do they charge any commission? 19:31 19 minutes, 31 seconds It's a fo model franchise you operated franchise you own. We build them with the markdown and they sell on the tag 19:40 19 minutes, 40 seconds price. So whatever uh share is there they are getting out of their sale effective sale and there is option for the exchange of the inventory for them. 19:52 19 minutes, 52 seconds So they can exchange the inventory if it is not getting sold at their location or they can interchange within their 19:58 19 minutes, 58 seconds location at their location. There is no specific uh arrangement for the paying rent or anything because it's a FO. So I 20:07 20 minutes, 7 seconds am ultimately giving them markdown sale so they can make money out of uh the markdown sale price and the tax price. 20:16 20 minutes, 16 seconds Okay. Okay sir. Uh enter one last question. Where do you see more uh incremental growth uh coming from? Uh we 20:25 20 minutes, 25 seconds will focus more on EBO or what will be the structure? 20:29 20 minutes, 29 seconds No, we are more and more concentrating on EVOs. EVOs are in two forms. Either it will be a kiosk or the standalone 20:36 20 minutes, 36 seconds shop within the malls or on the high street. And growth is coming from the EVOs and uh this kiosk type of uh setup. 20:47 20 minutes, 47 seconds There is no specific that some uh set is increasing or some set is decreasing because it's the industry and 20:56 20 minutes, 56 seconds when liking is there for the fashion jewelry it may be getting sold from the SIS or the EBOS or the kiosk or third 21:04 21 minutes, 4 seconds party franchisee or my own coco type of model generally industry works 21:10 21 minutes, 10 seconds throughout and equally only any some specific location if it has got any uh 21:20 21 minutes, 20 seconds disqualification or the lower standards due to choice of the location was the 21:27 21 minutes, 27 seconds wrong or anything then for that location it may not perform as per the industry but otherwise all uh locations will 21:35 21 minutes, 35 seconds perform as per the industry standard regarding the growth. 21:39 21 minutes, 39 seconds Okay. Okay sir. Okay. uh answer if you can please help help me with the unit economics for the uh model wise like 21:48 21 minutes, 48 seconds what is the capeex for SIS uh what is the capex we do for cocoa franchise stores and what is the personal capex we 21:55 21 minutes, 55 seconds do for ebo third party franchises they need to invest in the capex that is a uh pisa 22:03 22 minutes, 3 seconds fixture and fit outs and the rented premises uh inventory they take on the sale or 22:11 22 minutes, 11 seconds return basis by paying the deposit towards that inventory. So for that foco kind of the model where franchise 22:19 22 minutes, 19 seconds operates and company own the inventory approximately they need to invest around 30 to 50 lakh depending on the location 22:26 22 minutes, 26 seconds and depending on their interior and depending on the size of the location. 22:32 22 minutes, 32 seconds Otherwise for inventory 200 to 300 square ft² silver inventory cost them around 25 lakh rupees deposit with 22:39 22 minutes, 39 seconds selling t price of around uh 50 lakh rupees. And for if they are taking gold and diamond that is a gold 14 karat gold 22:49 22 minutes, 49 seconds studed with the national diamond then they need to pay another 25 lakh rupees deposit. So overall if they go with the 22:57 22 minutes, 57 seconds silver jewelry diamond uh ornament and their capex for the infrastructure and uh rented premises they need to invest 23:05 23 minutes, 5 seconds around 80 lakhs to 1 cr rupes and for coco it is the same but it's for company 23:12 23 minutes, 12 seconds and uh stock is not getting separately built to the coco because it's on the books of the company and getting sold on 23:19 23 minutes, 19 seconds the bill of the company and SS when it is a with pardill and As it is we are selling the goods with 23:27 23 minutes, 27 seconds the markdown. For the shopper stop also we are selling the goods with the markdown. In case of PNGs we are getting 23:34 23 minutes, 34 seconds payment within two to three weeks from the date of billing with shopper stock every month they send the remittance to 23:44 23 minutes, 44 seconds the extent whatever they sold out of the shop. Okay. Okay sir. Okay sir. Thank you. 23:50 23 minutes, 50 seconds Thank you for the opportunity once again. 23:55 23 minutes, 55 seconds Thank you ladies and gentlemen. In order to ensure that the management is able to address questions from all participants, we request you to please limit your 24:04 24 minutes, 4 seconds questions to two per participant. The next question is from the line of Kumar Sorup from Scientific Investing. Please go ahead. 24:13 24 minutes, 13 seconds Uh hello sir. Hope I'm audible. Yes, audiable. 24:19 24 minutes, 19 seconds Okay. Uh sir my question is around the the outside Maharashtra stores. Uh what is the time it takes to for these stores 24:28 24 minutes, 28 seconds to mature in terms of sales or is it like one year or two year? How much time do you feel is good enough for maturing? 24:37 24 minutes, 37 seconds You are asking for the break even or the mature uh where you feel that the store has reached the steady state sales like 24:44 24 minutes, 44 seconds maybe 1 cr 1.5 cr is the optimum sales you expect in what timeline do you expect it to reach the optimum sales I'm not having any upper side limit but 24:53 24 minutes, 53 seconds for break even point I can tell you in the month number that it will have break even within 15 to 18 months time. 25:04 25 minutes, 4 seconds Okay. Got it. Got it. I cannot cap cap the maximum sale which that location can do. 25:13 25 minutes, 13 seconds Got it. Got it. Got it. And sir, how has been your assessment of Maharashtra versus outside Maharashtra performance? 25:19 25 minutes, 19 seconds Like I if I remember last call you mentioned about the Gango store doing I think annually 60 70 lakh of sales. So I have seen that mall it's a premium mall 25:28 25 minutes, 28 seconds where when you look in Maharashtra some of your stores do 1 1.5 cr of sales. So do you feel there is enough scope which you are talking about regarding which 25:37 25 minutes, 37 seconds this is in the Gau the mall I'm forgetting yeah yeah exactly sir exactly sir so do 25:45 25 minutes, 45 seconds you it is just 14 months old one thing and uh when we entered that mall it was just 25:54 25 minutes, 54 seconds getting started not even all uh areas were occupied and for one year period there was no rain they were taking only 26:02 26 minutes, 2 seconds sharing on the sale. So there was no fixed cost for us as far as rentals was concerned and uh generally outside 26:10 26 minutes, 10 seconds Maharashtra as I said 15 to 18 months are required to achieve the that break even point B level and within 26:18 26 minutes, 18 seconds Maharashtra it requires around 6 to 8 to 9 months time. So that difference is 26:25 26 minutes, 25 seconds going to be there and uh whenever we choose the location we choose the location where growth potentials are 26:32 26 minutes, 32 seconds there it may not be the immediate it will have growth potential. So Elante if it is performing 50 lakh rupees a year 26:40 26 minutes, 40 seconds in a first year of operation when that mall itself is a as old as our location uh is old. So once that mall gets good 26:49 26 minutes, 49 seconds footfall and good uh traction with the customer it will take automatically we will also get that share out of that. 26:58 26 minutes, 58 seconds And if you have visited that it is a very nicely located you must have observed that there is one uh uh food 27:06 27 minutes, 6 seconds point food joint and exactly opposite to that it is located. So everyone who is entering or exiting from that point gets 27:14 27 minutes, 14 seconds uh look to the our brand and look to our showroom and it uh works very nicely. 27:22 27 minutes, 22 seconds Uh yes definitely my other question is the social media strategy. No. Uh this is my observation. I think where we have 27:30 27 minutes, 30 seconds opened uh our stores in the cities, I think there was initially some influencer, regional influencer le 27:36 27 minutes, 36 seconds campaigns which were there. Uh line is influencer. 27:43 27 minutes, 43 seconds I'm sorry Mr. Kumar we are unable to hear you. Uh am I audible now? Yes. Yes, you are. 27:52 27 minutes, 52 seconds Yeah. Sir, my question is on the social media influencer based marketing. I think wherever you open the store some regional social media influence activity 28:00 28 minutes happen. So is it like a one-time activity or is it a continuous activity? 28:05 28 minutes, 5 seconds What is our strategy and how do we pay around it? What is the customer efficient cost and all? 28:10 28 minutes, 10 seconds No, it depends on influencer to influencer. Some influencer are charging one lakh. Some influencer are charging give me 5,000 rupees watcher I will make 28:19 28 minutes, 19 seconds uh influential uh shooting shoot for you. So it depends on that influencers 28:26 28 minutes, 26 seconds uh costing one thing. Secondly, it will be a continuous but not that continuous. 28:34 28 minutes, 34 seconds I will keep relocation with the influencers uh uh present throughout the year or throughout two years. It will be 28:41 28 minutes, 41 seconds a break and start break and start that kind of the thing. One month there will be campaign then 15 20 days there may 28:49 28 minutes, 49 seconds not be campaign again if there is a season before season after season and in between the season there will be campaign. So we need to uh study it very 28:59 28 minutes, 59 seconds thoroughly because it's a I want to keep it cost effective and if you see my cost of the marketing which is just four to 29:06 29 minutes, 6 seconds 5% of the top line which I think it's the lowest in this kind of industry 29:12 29 minutes, 12 seconds got it sir and sir do we have any atl marketing plan I'll tell you because whenever I asked my friends in 29:19 29 minutes, 19 seconds Maharashtra any everybody knew about it but let's take a patike location I asked some of My family members they visited they really liked the product but they 29:28 29 minutes, 28 seconds had never heard about Gali. So do we have some paper if you have referred the patna? partner 29:36 29 minutes, 36 seconds has got kiosk and what business I am getting from that kiosk is equivalent to the showrooms means if I have got 200 300 square ft 29:45 29 minutes, 45 seconds showroom that much uh business is coming from that kiosk and basically it's a 29:52 29 minutes, 52 seconds class of uh customers who are going to tap our products and those are generally 29:58 29 minutes, 58 seconds who visits to the malls and so more and more concentration is there to market surrounding the mall or the around the 30:07 30 minutes, 7 seconds mall and the customer base which is there with the mall but I cannot have full page advertisement or many holdings 30:14 30 minutes, 14 seconds in Patna just to create create awareness because it will blood almost few lakhs of rupees for me and few lakhs of rupees 30:23 30 minutes, 23 seconds if get eroded from write off from your earnings then it may cost very heavily 30:31 30 minutes, 31 seconds to the company so I need to balance everything because there are no equations working in the business. If I spend 5 cr rupes on marketing, I will 30:39 30 minutes, 39 seconds get 150 cr rupees top line. If I spend 10 cr on marketing, I will get 300 cr in the top line. That kind of equation 30:46 30 minutes, 46 seconds never work in the business. So there are many permutation and combination work and we always work on this permutation combination. 30:55 30 minutes, 55 seconds Got it. So I take one more question sir. 30:59 30 minutes, 59 seconds Yes. Quickly answer. Yeah. I think uh our raw material prices as they fluctuate silver or gold uh we pass it 31:08 31 minutes, 8 seconds to the customer but let's say last one there has seen extensive rise in gold and silver prices let us say if the gold 31:14 31 minutes, 14 seconds and silver price is correct by 30%. Uh I know uh you know we'll be able to pass it because we charge accordingly but given our fixed cost corporate cost 31:23 31 minutes, 23 seconds remains same do you think there will be any kind of significant impact on the overall profitability or margins? 31:31 31 minutes, 31 seconds No, it will not be because we are mainly on the MRP uh kind of the activity where we are not selling on the per gramage 31:39 31 minutes, 39 seconds basis or anything. So we adjust our prices at least 30 to 40,000 rupees per kg difference is there in the silver 31:48 31 minutes, 48 seconds price. Then only we adjust our sale price otherwise it is getting accommodated within that and we have taken a sufficient cushion for this kind 31:56 31 minutes, 56 seconds of the movement. We cannot change every day every minute the uh selling price tag and in case of diamond jewelry only 32:04 32 minutes, 4 seconds gold price is uh calculated on the uh gold price but that gold is getting replaced on the very uh intervals regular intervals. 32:15 32 minutes, 15 seconds Sorry to interrupt. May we request Mr. 32:17 32 minutes, 17 seconds Kumar all of to please rejoin the queue sir. 32:22 32 minutes, 22 seconds Thank you. Ladies and gentlemen, we will request you to please limit your questions to two per participant. The next question is from the line of Dell 32:30 32 minutes, 30 seconds Desai from Total Capital. Please go ahead. 32:33 32 minutes, 33 seconds Uh, hi sir. Uh, so my first question is uh so sir if you look at historically uh 32:41 32 minutes, 41 seconds we have always uh delivered more than what we have guided and I'm sure that you know you are not going to change 32:48 32 minutes, 48 seconds your guidance of 35%. But if you if you can help us understand that what is not 32:54 32 minutes, 54 seconds baked into that 35% what are the things if that happens that 35% number can go higher than that 33:11 33 minutes, 11 seconds hello to me yes 35% number going up I'm very much 33:18 33 minutes, 18 seconds happy to see that and that will happen if my EBOS or the new added location perform better than my expectation that 33:28 33 minutes, 28 seconds is a main uh area from where I can expect higher than 35%. If they perform 33:34 33 minutes, 34 seconds within uh five to 6 months time at the reasonable matured level then that performance may increase from 35% or 33:44 33 minutes, 44 seconds more but I always try to guide the reasonable numbers I don't want to create a fancy or the buzz I want to 33:53 33 minutes, 53 seconds deliver what I commit and that's why I say 35% CAG is possible with uh three things uh the existing business SG 34:03 34 minutes, 3 seconds growth then new EBOS which have recently added their performance and thirdly the 34:10 34 minutes, 10 seconds new EVOS which will be added during the period and their performance. 34:16 34 minutes, 16 seconds Got it sir. So basically whatever 12 to 18 months break even that we are thinking about for the outside Maharashtra if that process is 34:24 34 minutes, 24 seconds shortened then maybe the growth can be higher is what essentially we are. Yes. Yes. Yes. 34:30 34 minutes, 30 seconds Okay. Got it. And second question uh sir we have uh so you we said that up up to additional 25 stores we don't need any 34:38 34 minutes, 38 seconds uh incremental capital debt or equity uh but I'm just looking at because we are not going on a expansion spree where we 34:46 34 minutes, 46 seconds are adding 70 70 80 stores so can we are we thinking of a model where we are self sustainable with maybe little bit of 34:55 34 minutes, 55 seconds debt and internal cash flows and not raise equity in the future. 35:01 35 minutes, 1 second No, it depends because in future any acquisition possibility comes across to me which is meaningful and which is not 35:09 35 minutes, 9 seconds disturbing to my profitability at a large and my ethics and principles at a large then I may consider that for the 35:17 35 minutes, 17 seconds faster expansion and faster presence on in a more location that time 35:25 35 minutes, 25 seconds that the time I organic normal in normal course of business I don't require right now any expansion of the 35:33 35 minutes, 33 seconds equity okay so I'm saying inorganic part aside on the organic growth part it it's possible that without equity we can continue to grow right 35:42 35 minutes, 42 seconds yes yes yes okay got that's it from thank you the next question is from the 35:49 35 minutes, 49 seconds line of shy yadav from growth sphere ventures please go ahead uh thank you my question has been answered. 36:02 36 minutes, 2 seconds Okay. Then next if his question is already answered then we will go next. 36:08 36 minutes, 8 seconds Yes sir. We'll move to the next questions which is from the line of Shabban Dangal from Three Head Capital. Please go ahead. 36:15 36 minutes, 15 seconds Hello sir. Good afternoon. Good afternoon. Yeah sir. Uh sir can you tell me the segment margin like uh if uh our 36:24 36 minutes, 24 seconds eB store currently less than 24 month uh all our e store age uh if all store mature then how much margin we can 36:33 36 minutes, 33 seconds expect because our current compile level margin around pad level margin around 20%. 36:40 36 minutes, 40 seconds Yes but it always happens that some becomes mature by that time some becomes new. So these new stores are always 36:49 36 minutes, 49 seconds giving the uh stress on the financial like uh profitability is lower for the new stores and they are getting uh 36:57 36 minutes, 57 seconds combined and contributed with the entire entity. So unless I go beyond some uh 300 kind of the location and keep on 37:05 37 minutes, 5 seconds adding 20 25 every year then that new added store will not have much impact on my profitability. But till that time 37:14 37 minutes, 14 seconds there will be little bit impact of the new added location because those will be the cost eating and others will be the 37:21 37 minutes, 21 seconds cost providing. So that balance uh and so that 20% roundabout pack margin are 37:30 37 minutes, 30 seconds likely to be there for uh next few days and it will keep on going as my more and 37:37 37 minutes, 37 seconds more existing stores get matured and lesser number of stores proportionately or percentage wise get added just I said 37:44 37 minutes, 44 seconds like 300 I completed and then adding every year 20 or 25 that means hardly 8 37:51 37 minutes, 51 seconds to 9% are getting added Otherwise 92% are contributors and only 9% will be the consumers. 37:59 37 minutes, 59 seconds Yes sir. But as you said uh our currently 80% revenue come from SI model. Uh and this 80% revenue mix will 38:07 38 minutes, 7 seconds come down to 65 to 60%. Then you can expect margin expansion. 38:15 38 minutes, 15 seconds Margin expansion why SIS is also margin effective only. SIS are not taking higher profitability from me. So if I go 38:25 38 minutes, 25 seconds with the EVO, there is a cost for the fixed cost. Yes. Yes. Yes. 38:30 38 minutes, 30 seconds That fixed cost will be there. Even though I will be getting entire margin in my pocket, I need to bear the cost also for the rentals, hospitality, 38:38 38 minutes, 38 seconds advertisement, electricity, everything will be at from the my pocket. So ultimately everyone is doing business. 38:46 38 minutes, 46 seconds Even if SIS are taking at some X minus to the cost uh selling price they must be calculating what is going to cost to 38:55 38 minutes, 55 seconds them for running that kind of the business within their shops and how much they should get out of that. So motor it 39:03 39 minutes, 3 seconds will be a same profitability even though it will be whether it will be s or it will be eos 39:11 39 minutes, 11 seconds that means 20% kind of margin will be maintained I hope so I expect higher but depends on 39:19 39 minutes, 19 seconds how expansion takes place and how percentage of the addition is going to be lower due to existing higher number 39:28 39 minutes, 28 seconds of the location. Yes, I was asking because normally has high margin that's why I was asking. Yes. Okay. Thank you. 39:37 39 minutes, 37 seconds Uh my second question is uh can you tell me how much revenue come from 20 14 karat studed jewelry? 39:45 39 minutes, 45 seconds 14 karat studied diamond jewelry. Diamond jewelry it is around 35%. 39:53 39 minutes, 53 seconds Around 35 they're going to come uh this kind of uh Yes. Yes. I understand. uh but uh started jewelry 40:01 40 minutes, 1 second business already have in our rea segment uh if I remember right they also but they don't have silver jewelry they 40:09 40 minutes, 9 seconds don't have 14 karat they don't have the diamond which we are selling in gi we 40:15 40 minutes, 15 seconds are selling uh hi color in rea we are saying selling efa is a premium diamond 40:23 40 minutes, 23 seconds jewelry and exclusive diamond jewelry this is a pocket friendly diamond [clears throat] Understood. 40:30 40 minutes, 30 seconds Understood. Thank you. Thank you. Best of luck. Thank you. 40:34 40 minutes, 34 seconds Thank you. The next question is from the line of Bal Sha from RTL Investments. Please go ahead. 40:41 40 minutes, 41 seconds Yeah. Uh thanks a lot for the opportunity and congratulations on good set of numbers. Sir, I recall. Yeah, sir. I recall from our 40:49 40 minutes, 49 seconds earlier discussion that you always mentioned that growth will actually go down a bit as we expand more and you 40:57 40 minutes, 57 seconds were looking at 10 to 12% 10 to 12 stores expansion every year as compared to that guidance which you are giving 41:03 41 minutes, 3 seconds now is much higher so as such I mean I'm very happy with that but I want to understand what has changed or uh why 41:12 41 minutes, 12 seconds did you choose to accelerate are you getting more confident is there a change in strategy if you can throw some light on 41:20 41 minutes, 20 seconds Wherever there is opportunity I am there as I said whether I will expand in Maharashtra or outside Maharashtra 41:27 41 minutes, 27 seconds wherever I am likely to make money I will choose that location. Same way I said that I will expand minimum 20 store 41:35 41 minutes, 35 seconds in the FI26 but I have delivered almost 32 including 18 in this quarter because I got good locations availability of the 41:44 41 minutes, 44 seconds good location. Availability of the good location is a problem in this business. 41:48 41 minutes, 48 seconds Just availability of shops is not uh sufficient. Availability of shop at good location is more ne uh needful thing 41:56 41 minutes, 56 seconds because we don't want to shut shut down our store at any point of the time. So if opportunity comes in and if I have 42:03 42 minutes, 3 seconds got liquidity which is right now there as we mentioned that minimum 25 coco we can set up out of our own 42:11 42 minutes, 11 seconds resources uh without raising money or without any debt. So to that extent we can expand very easily and over a period 42:20 42 minutes, 20 seconds again there will be accumulation of the profit which will enable us to expand further. 42:26 42 minutes, 26 seconds Okay. So uh and so secondly on the margins so there has been significant increase in other expense uh as expected 42:34 42 minutes, 34 seconds I mean your more stores have opened and also you uh increase your uh advertising spend how do you see that moving a bit 42:44 42 minutes, 44 seconds margin moving in F27 and F28 it should remain in the same range at aa level also 42:52 42 minutes, 52 seconds yes but as I said if earlier control start contributing at a higher space 42:59 42 minutes, 59 seconds speed then the TVA margin may be at same level or 100 to 150 basis point higher. 43:07 43 minutes, 7 seconds Okay sir thank you very much and all the best. Thank you. 43:14 43 minutes, 14 seconds Thank you. The next question is from the line of Rahul Kumar Paliwal from Sheffa family office. Please go ahead. 43:22 43 minutes, 22 seconds Good afternoon. Uh am I audible? Yes. Yes. 43:26 43 minutes, 26 seconds Yeah, sir. It's a good show for the year. Uh, and if I heard you right, you were saying like, uh, did you say like 43:33 43 minutes, 33 seconds more EIO in Maharashtra than others region? 43:38 43 minutes, 38 seconds No, no. Somebody was asking me what will be your preferences for the EOS whether it will be Maharashtra or outside 43:45 43 minutes, 45 seconds Maharashtra. I said wherever I will get good location, I will prefer that. I will not see whether it is a Maharashtra or outside Maharashtra because 43:53 43 minutes, 53 seconds ultimately I want to make a good top line and good good bottom line for my investor. So I will work in that direction. 44:02 44 minutes, 2 seconds Got it. Got it. Got it. Got it. Okay. Uh so I was thinking like what is the optimized penetration you see in Maharashtra like for example number of 44:10 44 minutes, 10 seconds stores in terms of number of stores like say 100 stores in Maharashtra possible in tier one tier 2 city. 44:17 44 minutes, 17 seconds uh that will be more uh topline operative or you think a balance is a good good call so far based on your uh history. 44:29 44 minutes, 29 seconds No, Maharashtra potential is very high because in tire two to tire three city 44:35 44 minutes, 35 seconds also uh the young uh girls or the ladies or the women are uh of the nature that 44:44 44 minutes, 44 seconds they want some standard product branded product instead of traveling to city for getting those product. If they are 44:51 44 minutes, 51 seconds getting in their town then they are more happy and if uh there is a known brand 44:58 44 minutes, 58 seconds they will definitely opt to that for uh their branded product requirement and 45:06 45 minutes, 6 seconds as far as expansion is concerned as I said Maharashtra has got a lot of potential even in my earlier one question I said even within Pune also I 45:14 45 minutes, 14 seconds have got another 8 to 10 location minimum additional addition possible so There already there are more than 10 to 12 serving points are already there. 45:26 45 minutes, 26 seconds I am maybe mistaking it maybe around 15 points right now in the Pune. So another 10 points in the Pune are easily uh accommodatable. 45:38 45 minutes, 38 seconds Got it. So might be building muscles inside our own region first and then moving to beyond other is might be a 45:45 45 minutes, 45 seconds good strategy. Uh the it depends on you to take the call. So my another question is couple of data point if you can share 45:52 45 minutes, 52 seconds uh the yes I want I'm curious about the raw material cost in inventory like average landed cost per gram for gold not per gram but at least whatever is 46:01 46 minutes, 1 second there in silver in your current inventory if you can disclose that number uh do you mean that raw material in form of pure silver and pure gold? Yes. Yes. 46:12 46 minutes, 12 seconds Yes. Yes. Yes. Yes. You're sourcing the material like in gold the gold which is attached to 46:19 46 minutes, 19 seconds the ornament because we said 14 karat stud diamond jewelry. So that study is getting done in the 14 karat gold on the 46:28 46 minutes, 28 seconds fine weight basis that is a triple 9 purity basis. Approximately 7 kg of gold is there in the inventory. Uh and for 46:37 46 minutes, 37 seconds the silver jewelry weight it is very difficult. once it gets barcoded because it is getting sted with the scissored 46:45 46 minutes, 45 seconds stones and all these things. But as far as raw material is concerned around 250 kgs raw silver is there in the inventory 46:53 46 minutes, 53 seconds as on 31st March. Regarding cost it is always at the average purchase cost. 47:03 47 minutes, 3 seconds Okay. Okay. Interesting. So that that might be some uh margin in place already in place if providing uh and uh since 47:12 47 minutes, 12 seconds government has banned import of really silver jewelry. We have started establishing more and more local uh 47:20 47 minutes, 20 seconds karajis to manufacture the jewelery with fine finishing who have got good machineries of the like turkey machinery 47:28 47 minutes, 28 seconds or Italian machinery and they are manufacturing for us and for that purpose we need to buy silver on the raw 47:35 47 minutes, 35 seconds basis and give it to them for the manufacturing the jewelry. 47:40 47 minutes, 40 seconds Is it margin accative as well like localizing the the the production? 47:44 47 minutes, 44 seconds on the making cost we will be saving and that will uh get reflected in the maintenance of the bottom line margins 47:53 47 minutes, 53 seconds pack margins irrespective of increasing the uh cost due to the marketing or due to the higher HR cost 48:02 48 minutes, 2 seconds superb and when it it comes to fashion jewelry churning is needed so maybe that that too you can leverage it right 48:10 48 minutes, 10 seconds yes right fashion industry if you if you see the inventory to uh turn over it is almost around three times stock turn is there. 48:21 48 minutes, 21 seconds uh that's that's a quite good number and one last uh I'm sure we are waiting for presentation also uh which you said in 48:27 48 minutes, 27 seconds the call it is it is getting uploaded so you can go through and if anyone of you have got any question about it you can 48:36 48 minutes, 36 seconds just mail it to our CS or the compliance officer and we will try to expand it and 48:44 48 minutes, 44 seconds uh reply it as far as possible with keeping the limitation of the statutory uh regulators. 48:51 48 minutes, 51 seconds Got it. And and one last number if I can pitch in in EBO versus not EBO volume and total sales if you can disclose if 48:58 48 minutes, 58 seconds not as per policy. If not I'm okay like it is around about 75 to 80% is coming 49:05 49 minutes, 5 seconds from the SIS. I'm not having any precise figure and around 20 25% is coming from non SIS because SIS you mean with the PN guard. 49:17 49 minutes, 17 seconds Got it. and and the for the year I think we are ending up with the 72 cror cash in books uh 78 cr rupees everything 49:26 49 minutes, 26 seconds okay and how we are deploying in coming years like for the coco model 49:33 49 minutes, 33 seconds six points okay yeah this gets all the best for the next year thank you thank you 49:41 49 minutes, 41 seconds thank you the next question is from the line of Ankit Gupta from Bamboo Capital please go ahead Yeah, thanks for the opportunity again 49:50 49 minutes, 50 seconds sir on uh you know with the cash in hand of around 78 kores uh and you know our 49:57 49 minutes, 57 seconds plans of opening 2025 new stores uh given this and you know roughly 1 cr uh 50:04 50 minutes, 4 seconds you know uh cost for opening uh a new store including capex and inventory. So 50:12 50 minutes, 12 seconds sh that should at least be sufficient for us to you know keep uh our uh you know growth 50:19 50 minutes, 19 seconds growth intact in terms of adding new stores for the next two years and of course over the next two years we'll generate further cash flows. 50:28 50 minutes, 28 seconds Yes, you are right. Uh I always uh very uh remain very conservative. So I 50:35 50 minutes, 35 seconds experienced the corona. I we are experiencing the war situation. So in such situation if anything comes as a 50:44 50 minutes, 44 seconds pressure on the profitability or anything cash flow we are there self-sufficient without borrowing or uh 50:52 50 minutes, 52 seconds without uh increasing the sale price or the cutting down our EBOS because cost is going on and we need to curtail it. 51:01 51 minutes, 1 second So we will be there at any point of time in any situation because of our uh availability of the cash surplus. Sure. 51:11 51 minutes, 11 seconds So that you know last year we had opened 32 stores and 18 stores we opened just in Q4. So of course like our internal 51:19 51 minutes, 19 seconds target will be to open at least this amu almost you know let's say 30 32 stores 51:26 51 minutes, 26 seconds or more or uh we generally say not less than and that is our practice. So once I say not less 51:35 51 minutes, 35 seconds than I can say up to 100 also because up to 100 means one to 100 anything but if I say not less than I am getting 51:44 51 minutes, 44 seconds committed to that so sure but we we should like we should be targeting if we get good locations uh you know we can 51:52 51 minutes, 52 seconds yes the numbers which availability is there for the deployment so there is no uh nothing can pull our legs back. 52:02 52 minutes, 2 seconds Okay totally. So okay thank you this thank you the next question 52:10 52 minutes, 10 seconds the last last question last question only two minutes uh it's from the line of Kumar Sor from scientific investment investing please 52:18 52 minutes, 18 seconds go ahead uh so my question is around uh CRM customer relationship management uh and 52:26 52 minutes, 26 seconds in our business in gold and all we have seen there are very lot of schemes and all and you know uh some kind of benefits are given to repeat customer. 52:33 52 minutes, 33 seconds So do we track our CRM data? How many repeat customers we have? Do we have some kind of schemes for them? 52:39 52 minutes, 39 seconds Especially as today you said our business is a catchment area business. 4 5 km is the catchment area from where crowd comes. So if you can give more details around it. 52:50 52 minutes, 50 seconds We have got regular uh schemes as far as discount schemes are there of the rain season then uh our anniversary then 52:59 52 minutes, 59 seconds Diwali dasha then Valentine day uh year end sale that kind of things are there for getting connected to the existing 53:08 53 minutes, 8 seconds customer there is a uh teleoling is continuously and WhatsApp uh kind of marketing is going on so the existing 53:15 53 minutes, 15 seconds customer are getting updated through the new scheme, new arrival, new product and 53:22 53 minutes, 22 seconds all the uh details about our new thing or the new openings in their uh proximity everything is getting updated 53:30 53 minutes, 30 seconds and CRM that data uh that uh same customer repeat customer and all these things it is getting extracted from our 53:38 53 minutes, 38 seconds existing ERP. So uh on that uh these sales guys and marketing guys keep on watch and act according. 53:48 53 minutes, 48 seconds Great. Great. And so last question I think last quarter you said south market because it's a very gold- driven market. 53:54 53 minutes, 54 seconds Uh maybe you would not like to get there but today I heard you are coming in Bangalore as well as Chennai. So how uh this good change of stance because I'm 54:02 54 minutes, 2 seconds there in south uh so it's good to see you coming there but uh like any change in views compared to last quarter? 54:09 54 minutes, 9 seconds No no no we are just trying to enter those markets. So right now we don't know what results are going to be there 54:15 54 minutes, 15 seconds out of that. So okay uh commenting on that uh is very difficult right now it's 54:23 54 minutes, 23 seconds very initial stage and there is no sufficient data to analyze and comment on it but by the next year end we may be 54:31 54 minutes, 31 seconds in position to comment because our at least four or five locations will be there in the south on the standalone basis. Right now it is with the stopper 54:39 54 minutes, 39 seconds stop but on standalone basis and on that basis we can comment about it. Got it. How do you pick a location, sir? 54:48 54 minutes, 48 seconds Because you so you were told there's not enough data. So, if you can explain your process of how you pick a location. 54:54 54 minutes, 54 seconds No, you call me afterwards because it's a two long process. I cannot explain right now in limited time. 55:02 55 minutes, 2 seconds Sure sir, sure. My s Thank you. 55:06 55 minutes, 6 seconds Thank you ladies and gentlemen. That was the last question for today. I now hand the conference over to management for closing comments. 55:14 55 minutes, 14 seconds Yes. Uh I am very much thankful to all who joined this conference in a such a 55:21 55 minutes, 21 seconds number and back to the time when market is getting close. So everyone is interested in marketing market uh stock 55:28 55 minutes, 28 seconds market screen and I'm really grateful to all and do join us in future also the story is yet to unfold. Thank you. 55:42 55 minutes, 42 seconds Thank you. On behalf of PJS Galagi Fashion Jewelry Limited, that concludes this conference.